Welcome to matexmotors.com website (hereinafter referred to as “the website”).

The auctions and related services are provided by Matexnet Pvt. Ltd. (hereinafter
referred to as “Matexnet”) on the website.

Matexnet is an e-commerce service provider mandated by the seller to facilitate
virtual auction by the seller. The website is an online auction platform, a virtual
marketplace/venue for sellers to conduct sale of assets, and for bidders to make/place
bids/offers on such assets. Matexnet is considered as third party not particularly
interested in the item/s being sold on behalf the seller.

DEFINITIONS

1.

SELLER – Seller referred to in this agreement is any real individual
or legal entity who wishes to sell his/her/its assets through Internet driven online
auctions on the website and who has mandated Matexnet to provide the website and
other related support services.

2.

BIDDER – Any legal entity who is registered with Matexnet and who
makes or places a bid on the website to buy the assets either in part or in full
is considered as a Bidder. One individual can represent as a bidder on his own behalf
and on behalf of other legal entities provided he registers with Matexnet separately
in those capacities. Successful Bidder is that Bidder in whose name confirmation
of sale is issued by the SELLER.

3.

USER –Any legal entity who uses the website and/or the related
services provided by Matexnet is considered as a user.

4.

AGREEMENT – The terms and conditions, together with any additional
terms and conditions specific to a particular online auction event on the website
(which can be found through one or more links on the website for the auction in
question) constitute the Agreement.

5.

ONLINE BIDDING EVENT – An Online Bidding Event is a process for
price determination through competitive interaction between Bidders on the website.
Online Bidding Events initiated by the seller are known as Forward Auctions.

On accessing the website or using the services provided by Matexnet or by registering
either as a buyer/ seller / user you agree that

6.

You have read the terms and conditions including the terms and conditions specific
to a particular online auction event.

7.

You are bound by these terms and conditions including those specific to a particular
online auction event.

MODIFICATIONS TO WEBSITE, SERVICES AND TERMS AND CONDITIONS

Matexnet reserves the right to modify, amend, suspend or discontinue any aspect
of the services or the website at any time without notice.

Matexnet reserves the right to amend any or all of the terms and conditions without
notice at any time at its sole discretion and announce the same on the website.
Accessing the website and/or using the services shall constitute acceptance of the
terms and conditions including the amendments.

PASSWORD AND SECURITY

After you register with Matexnet, you will be allotted user identification (User
ID) by Matexnet and you will be prompted to select/enter a password. User is solely
responsible for all use and for maintaining and protecting the confidentiality of
its User ID and User password

TERM OF AGREEMENT

This Agreement shall continue to be in full force and effect for so long as you
are using the services and the website. Matexnet provides the online auction platform
wherein the users can sell, bid and buy the assets listed on the website pursuant
to the terms and conditions set forth below.

1.0 GENERAL TERMS AND CONDITIONS

1.1

Participation and bidding in the auctions on the website shall be treated as conclusive
evidence of the fact that the bidder has inspected the assets and the related documents
pertaining to the assets and is satisfied in all respects regarding the quality,
quantity, condition of the assets, taxes and duties, and other extraneous factors
and the Principle of Caveat Emptor (let the bidder beware) will apply. It shall
also imply that the bidder has carefully gone through the terms and conditions,
including amendments, if any, prevailing at the time of auction. No objections or
complaints will be entertained once the bid is placed.

1.2

All assets sold/bought on the website are on “AS IS WHERE IS BASIS”
and “NO COMPLAINT BASIS”.

1.3

Matexnet does not give warranty or guarantee of the quality, quantity, measurement,
and condition of the assets and about its “End Use” or fitness for a particular
purpose.

1.4

The highest bidder does not get any right to demand acceptance of his bid/offer.
SELLER reserves the right to accept/reject/cancel any bid/offer, withdraw any portion
of the assets at any stage from auction even after acceptance of bid/offer, issue
of delivery order without assigning any reason there of. In the event of such rejection,
cancellation or withdrawal, SELLER shall not be responsible for any damages/loss
to the successful bidder on account of such rejection, cancellation or withdrawal.

2.0 COMMUNICATION

2.1

User consents to receive communication from Matexnet by electronic mail, short messaging
services on their mobile phones, by phone calls or by posting notices on the website.
User fully understands that this consent to receive communication shall override their registration on the NDNC, if any.

3.0 ONLINE BIDDING

3.1

Time Extension – If any market-leading bid (bid higher than the highest at the point
in time) is received in the last three minutes (Time Extension as mentioned in the
bidding room will apply and three minutes is only an example) of closing time, the
closing time will be extended automatically by three minutes.

3.2

Bids – All bids placed are legally valid bids and are to be considered as bids from
the bidder himself. Once the bid is placed, the bidders cannot modify or withdraw
the bid for whatever reason. The highest/lowest and the latest bid on the auction
shall supersede all the previous bids of the bidder.

3.3

Auto Bid -

a

Auto Bid facility is provided for bidders intending to place a maximum value for
a lot/lots.

b

Auto Bid is not a confirmed bid. It is only the maximum ceiling amount set by the
bidder to enable the auction engine to place bids on his behalf whenever he is outbidded,
upto the ceiling set by him.

c

Once auto bid is set, the auction engine will consider the ceiling amount for the
next possible bid only, depending on the highest bid prevailing at that point of
time and the increment amount prescribed for that particular lot.

d

Bidders may please note that in the event of a manual bid amount matching that of
auto bid, the manual bid will prevail and be considered.

4.0 TERMINATION

4.1

Matexnet expressly reserves the right to terminate the use of, or to refuse to permit
the use of, the Services and the Website by any person or entity, at the sole discretion
of Matexnet, for any reason and without notice.

5.0 FORCE MAJEURE

5.1

Matexnet shall not be liable for any failure or delay in performance due to any
cause beyond its control including fire, strike, go-slow, lock-out, closure, theft,
dislocation of normal working conditions, internet or network non-availability,
accident, war, riots, civil commotion, political upheaval, epidemics, break-down
of machinery, any terrorist activity, any natural calamity, adverse weather or climatic
condition, or any other causes or conditions beyond the control of Matexnet, whether
directly due to or in consequence of the aforesaid causes and the existence of such
causes or consequences shall operate to extend the time of performance till the
cause of delay shall have ceased to exist.

6.0 DISCLAIMER

6.1

Matexnet runs its business on the basis of a robust Web Site. Matexnet is outsourcing
server space from a third party hosting company and hence shall ensure the smooth
running in all good faith and intention. However Matexnet will not be held responsible
for any failure of power, Network, server, hosting server, Internet connectivity,
ISP or otherwise at Bidder's end or at Matexnet directly or indirectly affecting
online method of Bidding.

6.2

Matexnet takes no responsibility of the quality, quantity, documentation details
of buyers/sellers. Both the buyers & sellers agree to defend indemnify and hold
harmless. Matexnet from any loss, damage, cost and expenses caused by any reason
during the transactions on the website. In no event shall Matexnet be liable for
any loss for the transactors by business, revenues, profit, costs direct and incidental,
consequential or punitive damages of any claim. Both the parties agree to have discussed
all the related matter regarding the transactions and have understood in full that
Matexnet has provided a source of supply and has nothing to do any further especially
with regards to quality, warranty, guarantees, delivery schedules, payments, rejections,
transportation, legal laws and regulations to be followed from time to time etc.
Since Matexnet does not possess knowledge base of the assets under transaction both
the parties agree that the matter contained in the assets as a part or as a whole
does not violate any applicable law. Matexnet is only an e-commerce service provider,
and is not and cannot be a party to or control in any manner any transactions between
the Seller/Buyer and the Bidder. Matexnet shall neither be responsible nor liable
to mediate or resolve any disputes or disagreements between the Seller and Bidder.

6.3

The Seller/Bidder agrees to limit the liability of Matexnet to them for any and
all claims, losses, costs, damages of any nature whatsoever or claims expenses from
any cause or causes, including attorney's fees and costs, so that the total aggregate
liability of Matexnet to the Seller/Bidder shall not exceed it's total fee receivable
from the Seller/Bidder. It is intended that this limitation apply to any and all
liability or cause of action however alleged or arising, unless otherwise prohibited
by law.

6.4

Bidders/Seller may note that any payments by DD or cheque or any other means towards EMD/Security Deposit or other purposes received by MatexNet on behalf of Seller/Bidder shall be handled in good faith and intention. However MatexNet shall not be responsible for the loss of the DD/Cheque from its custody due to reasons beyond its control such as fire, theft, burglary, accident, war, riots, civil commotion, any terrorist activity, any natural calamity, adverse weather and climatic conditions etc.

7.0 GOVERNING LAW AND JURISDICTION

7.1

This agreement is governed and construed in accordance with the laws of Union of
India. Users hereby irrevocably consent to the exclusive jurisdiction and venue
of courts in Bangalore, Karnataka, India in all disputes arising out of or relating
to the use of the services and the website.

7.2

Users agree to indemnify and hold Matexnet and its officials and employees harmless
from any claim, demand or damage asserted by any third party due to and arising
out of use of services and the website.